> No person or company is allowed to own more than 24.9% of a banking charter, and preferably not more than 10%.
I'm curious, is that a law? From which country?
It's a U.S. law, not sure about other countries.
I believe it's the Bank Holding Company Act:
No person or company is allowed to own more than 24.9% of a banking charter, and preferably not more than 10%. The reason is that having multiple entities each pursuing their own agenda makes it less likely that everyone will collude and run off with the money. It doesn't especially matter who those entities are, as long as they're not closely affiliated with one another.
Similarly, for whatever problems democracies have, they tend to function at least marginally better than corporate-owned countries like Rhodesia, Batavia, etc. And economically, there is a reason why currencies tend to be a better store of value over time than in-app credits or company scrip.
Personally I think creating government privacy legislation would be a much better use of time than trying to build a social network on blockchain, but I understand the thought process.